DES MOINES, IOWA – (Feb. 3, 2015) – Quester, the technology leader in market research, announced today that its multi-award winning research platform was used in a first-of-its-kind study on the impacts lower crude oil prices are having on U.S. small businesses. The study, titled “The Impact of Lower Oil Crude Prices on U.S. Small and Medium Businesses,” reports quantitative data and qualitative conversation pulled from answers from each respondent including additional contextual information derived from Quester’s linguistic analysis. Quester interviewed 150 owners of small businesses from December 26, 2014 to January 2nd, 2015 with the objective of answering three questions: 1) How have fallen crude oil prices impacted their businesses, overall?; 2) What has the business been able to accomplish as a result of lower crude oil prices that would not have otherwise been realized?; and 3) What is the outlook for 2015 crude oil prices?
The report concluded 5 key takeaways based on the answers provided by each business owner:
- 77% of SMB owners realize that crude oil prices have fallen. Of those, 76% have been positively impacted.
- The positive impact of lower crude oil prices is realized through greater profits – driven by lower variable expenses and greater consumer spending.
- 52% of businesses positively impacted by lower crude oil prices have saved over $10,000 in just one month’s time.
- The influx in money has provided a sense of freedom to SMB owners; they have been able to save more money for future investment, employee bonuses & raises, or expand their operation. While they have been positively affected by fallen crude oil prices, there is a group of owners who has not accomplished anything outside of norm (yet) – they are operating as business as usual.
- 2015 outlook for crude oil prices is mixed among SMB owners. Those who believe the prices will rise are preparing for that now by saving. Those who believe the prices will remain the same or fall next year are optimistic for future growth and business expansion.
To view the research study in its entirety please click here.
“Lower gasoline prices have been a blessing for consumers but Quester felt it was important to perform a timely study that shed light on an unreported subject of this national conversation: how lower crude oil have impacted small to mid-size businesses who employ a majority of the workforce,” said Tim Hoskins, president of Quester. “What surprised us the most after the study was complete was that a majority of business owners were saving over $10,000 a month on lower oil prices and the real-world benefits that had not just to their employees and business operations but to the overall health of the U.S. economy.”
About Quester
Quester is a technology-based, marketing research company specializing in conversation. Integrating close-ended questions and moderated, open-ended questions into every study, every design, and for every person, Quester exposes nuances in research missed through traditional methods. Studies are designed by researchers, conducted by proprietary artificial intelligence, and jointly analyzed by trained linguists and statisticians who bring the full and complete story to life, often through a single phase of research. Today, Quester is used by many Fortune 100 and Fortune 500 firms to perform studies on future products and services.
For more information on the Midwest-based company, visit www.quester.com and follow @QuesterMR.
Quester PR contact:
David Splivalo
703.798.2395
david@freestylepr.com
